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    Economics / economic theory, Frank Knight, inequality, Robert Lucas, Shackle, uncertainty /

    More Uncertainty

    January 8, 2015

    Actually, now I think more about it, how can we ever have ‘more’ uncertainty? The massiveness of our lack of knowledge about the future surely reduces that word ‘more’ to trivial irrelevance. As the wise G.L.S. Shackle taught us: anything beyond about ten years into the future is so opaque as not to exist at […]

    Economics / economic theory /

    Quick Thought on a New Beginning

    January 5, 2015

    Imagine that you sit down one day with some friends and announce that you are going to invent economics. Great. Economics, you say, will be the study of the economy and its various properties. Great again. Hmmm. Now comes the hard part. What, exactly, is an economy? Gulp. I don’t know. Do you. It’s sort […]

    Economics / economic theory, Popper, uncertainty /

    Uncertain Causes

    December 28, 2014

    When you throw a feather out of a tenth story window it eventually hits the ground, but only after fluttering about for a while and following an often circuitous route downwards. Throw a ten ton lump of lead out and the route tends to be a lot more direct. Gravity wins the day in both […]

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